Volume 9, Issue 3, March – 2024
ISSN No:-2456-2165
Decentralized Wallet Application using Blockchain
Khetesh Choudhary1; Afiya Dhanse2; Mandavi Dubey3; Yash Kushwaha4; Prof. Anand Ingle5
1,2,3,4
B. E Graduate(IV year), Department of Computer Engineering, MGMCET, Maharashtra, India
Abstract:- Decentralized applications (DApps) are
gaining significant traction due to the widespread
adoption and development of blockchain technology.
These applications receive substantial funding through
crowdfunding, reflecting the growing interest in their
potential. Despite this, there remains ambiguity
surrounding their definitions, architectures, and
classifications. This survey seeks to address these gaps
by offering a comprehensive exploration of DApps for
further investigation.
Decentralized Applications, are software programs
that typically include front-end interfaces, smart
contracts for automation, and decentralized protocols
for data storage and communication. Analyzing popular
DApps reveals their varied functionalities, advantages,
and challenges, showcasing the potential for
decentralized technologies to reshape industries. Lastly,
the survey outlines recent research problems
concerning DApps, focusing on economics, security, and
performance. It identifies promising avenues for future
research in this domain.
Keywords:- Blockchain, AWS, Android Studio, Flutter,
React-Native.
I. INTRODUCTION
Centralized digital wallets, which rely on traditional
financial intermediaries, often fall short in terms of
security. These wallets are vulnerable to hacking, fraud,
and mismanagement, putting users' digital assets at risk.
Additionally, they necessitate a level of trust in third-party
entities, raising concerns about control and privacy. The
complexities associated with blockchain technology also
hinder its widespread adoption, making it difficult for
everyday users to take advantage of the benefits it offers.
Given these issues, there is a pressing need for
decentralized walletapplications. These wallets can provide
users with control, security, and transparency over their
digital assets, reducing reliance on centralized financial
institutions and addressing the trust and security concerns
inherent in traditional wallets. To achieve this overarching
aim, the project has set several specific objectives. First,
the project will entail in-depth research and analysis of
various blockchain platforms to determine the most
suitable one for wallet development. Subsequently, the
team will design and develop the decentralized wallet
application, with a strong focus on creating an intuitive
user interface. In terms of security, robust features,
including private key management and encryption, will be
implemented. Rigorous testing will be conducted to ensure
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International Journal of Innovative Science and Research Technology
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the wallet's functionalityand security. User experience and
feedback will be assessed to drive iterative improvements.
Furthermore, the project will include a comparative
evaluation of the decentralized wallet's performance and
security in relation to traditional centralized alternatives.
Ultimately, the project aims to provide recommendations
for the future development and adoption of decentralized
wallet applications, helping to bridge the gap between
blockchain technology and mainstream financial services.
II. EXISTING SYSTEM
First and foremost, user-friendliness remains a
challenge, as the intricacies of managing private keys and
addresses can be intimidating, especially for non-technical
users. Additionally, the lack of account recovery options
poses a significant risk; if users lose their private keys or
wallet access, they may face the irreversible loss of assets.
Scalability issues on certain blockchain networks can affect
transaction speed and cost, potentially hampering the
efficiency of decentralized wallets for everyday use. While
decentralized wallets offer increased security through user-
controlled private keys, this also places the responsibility of
safeguarding keys entirely on the users, leaving their assets
vulnerable if keys are lost or stolen.
Furthermore, the level of customer support for
decentralized wallet applications is generally limited,
making issue resolution or assistance a challenge for users.
The need for users to manage multiple wallets for different
cryptocurrencies due to limited support and the lack of
standardized user protections are other drawbacks.
Moreover, the irreversibility of blockchain
transactions and ongoing regulatory uncertainties contribute
to the limitations of decentralized wallet applications.
Lastly, concerns related to user privacy and the need for
extensive user education further compound the challenges
in achieving mainstream adoption of these wallets.
Addressing these limitations is crucial to enhance the
accessibility, security, and user-friendliness of decentralized
wallet applications for a wider user base.
III. LITERATURE SURVEY
The research paper provides a comprehensive
overview of decentralized applications (DApps) in
blockchain ecosystems. It delves into the various types of
DApps, the blockchain platforms they operate on, and the
challenges associated with their development and
deployment. The paper explores security, privacy, and the
role of smart contracts in DApps. It also offers insights into
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ISSN No:-2456-2165
use cases and future trends. Thissurvey serves as a valuable
resource for understanding the foundations and
complexities of DApps, providing essential guidance for
the development of a decentralized wallet application in the
blockchain.
In this research paper, we can extract valuable insights
to enhance the security and investigative capabilities of our
wallet application. Consider integrating the data
visualization techniques and investigative tools discussed in
the paper to help users track and analyze their wallet
transactions more effectively. This could offer users a
deeper understanding of their wallet activity, enhancing
transparency and security.
This research paper is a valuable resource for our
project on a decentralized blockchain wallet application.
We can use insights from this paper to bolster the security
and privacy aspects of our wallet application. By doing so,
our wallet application can offer users an enhanced level of
security and privacy for their transactions. These
techniques allow for increased anonymity and strong
protection of transaction details, aligning perfectly with the
principles of decentralization and security within the
blockchain ecosystem.
IV. PROPOSED SYSTEM
This Proposed system is designed to address the
limitations of existing solutions while prioritizing user-
friendliness, security, and functionality. To enhance user-
friendliness, the system will feature an intuitive and
accessible interface, making it user-centric to cater to both
blockchain enthusiasts and those less familiar with the
technology. In tackling account recovery challenges, it will
implement a robust and secure mechanism, potentially
utilizing multi-factor authentication or social recovery to
ensure users can regain access to their wallets in the event
of key loss. Scalability issues will be mitigated by
supporting multiple blockchain networks and utilizing off-
chain or layer-2 solutions to optimize transaction speed and
cost-efficiency for a wide range of use cases. Advanced
security measures, such as hardware wallet integration and
biometric authentication, will fortify user asset protection.
Additionally, responsive customer support,
comprehensive asset support, user protections, and
transaction verification mechanisms will collectively
enhance user trust and satisfaction. To address transaction
reversibility, the system will introduce features for
transaction verification, reducing the risk of accidental or
malicious transfers. Privacy concerns will be tackled with
options for coin mixing and transaction obfuscation,
ensuring user anonymity when needed. Moreover, the
system will provide extensive educational resources, guides,
and tools to empower users with blockchain knowledge and
maximize their proficiency in utilizing the wallet.
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International Journal of Innovative Science and Research Technology
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V. METHODOLOGY
A. Gather Knowledge:
In the creation of cryptocurrency applications,
blockchain technology is essential. A blockchain is a series
of blockchain ledger that are connected via a cryptologic
and contain digital information (data). The main goal of
employing it is to make it possible to share sensitive data
safely.
B. Using Open-Source Libraries:
The majority of crypto currencies are free to use. So,
we don’t need to get started from the bottom. We used free
resources and programs that are already out there, such as
the Coinbase SDK or the Bitcoin J SDK. The Java
library Coinbase SDK is cross- platform. It aids in the
development of Bitcoin wallets for both iOS and Android.
Thislibrary also supports a wide variety of widely used
languages, like Python, Java, Ruby, etc. The Bitcoin J
SDK includes thorough documentation and is simple to
use. Additionally, Bitcoin J is JVM-compatible and
supports its language ecosystem, including C++,
JavaScript, Ruby, Python, etc.
C. Using APIs:
A Bitcoin wallet software with plenty of features
may be created by utilizing APIs. You can synchronize
your cryptocurrency wallet with the blockchain ecosystem
using a distributed ledger API. You may select from the
most well-liked APIs listed here: Coinbase, Bitcore,
SimpleSwap, and Factom. Your development team may
quickly perform the required processes using the APIs,
accelerating the development of the project.
D. Blockchain Platform Selection:
The first crucial decision was to select the appropriate
blockchain platform for the wallet. Ethereum was chosen
due to its widespread adoption and robust smart contract
capabilities. Ethereum wallets serve as applications
empowering users with control over their accounts.
Analogous to a physical wallet, they encompass all
essential elements to authenticate identity and manage
assets. With a wallet, users can access applications, review
balances, execute transactions, and verify their identities
seamlessly.
E. Choosing the Right Stack:
Your app will succeed if the appropriate technological
stack is used. For instance, we have used Flutter to create
an application. Java or Kotlin are the two options for
developing native Android apps. Swift or Objective-C are
also options foriOS apps.
F. Integration with Blockchain:
A back-end system was developed to interact with the
Ethereum blockchain. This included APIs for transaction
processing, balance queries, and smart contract interactions.
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G. Activate Security:
When developing Bitcoin wallet software, security is
of the utmost importance. You should make sure your
cryptocurrency app has top-notch security because of
this. Consider using 2FA, which uses hardware
authentication, face ID, and fingerprints, to bolster the
security of the crypto wallet app. The creators are
responsible for ensuring ongoing security upgrades. They
must swiftly locate any bugs and other security
vulnerabilities and resolve them utilizing the most recent
technologies.
Fig 1: AWS Cloud
VI. SYSTEM DESIGNS
The system begins with a user prompt at the start,
inquiring about the amount of Bitcoin stored in the wallet.
This initial question serves as a means of understanding the
user's current cryptocurrency holdings. Following this, the
flowchart diverges intotwo paths, asking whether the user is
willing to purchase a wallet.
The first path involves the choice between a mobile
wallet or a web wallet. This decision primarily hinges on
the user's preferred mode of access and convenience. A
mobile wallet offers on-the-go access through a smartphone
app, while a web wallet is accessible through a web
browser on various devices.
The second path offers the option of a hardware
wallet, which is known for its enhanced security
features. Users can select this option if they prioritize
maximum protection for their digital assets. This choice
may depend on the user's risk tolerance and the overall
security posture of their cryptocurrency holdings.
IJISRT24MAR2082 www.ijisrt.com
International Journal of Innovative Science and Research Technology
https://doi.org/10.38124/ijisrt/IJISRT24MAR2082
H. Get Started on Application Development:
Therefore, when we were ready to begin developing
the crypto wallet app, we were sure to do the following
steps:
 Choose all of our app’s features.
 Assemble our database and write the application code.
 Create a user-friendly, straightforward interface.
 Before releasing our wallet, we will make sure to do
thorough tests.
The system also accounts for the user's internet
connection status, providing options for both online and
offline storage. Online storage implies that the wallet is
connected to the internet, while offline storage means the
wallet operates without a constant internet connection. This
choice often revolves around the user's security preferences,
with offline storage considered more secure due to its
reduced exposure to potential online threats.
In summary, the system facilitates a user's decision-
making process when it comes to decentralized wallet
applications. It tailors the wallet choice to the user's
current Bitcoin holdings, willingness to purchase a wallet,
preferred mode of access, and the level of security they
desire based on their choice of a mobile, web, or
hardware wallet, as well as their internet connection
status. This comprehensive approach addresses a range
of user needs and security considerations in the realm of
cryptocurrency storage.
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VII. DATABASE

Every application necessitates a repository for storing

data gathered from users, devices, and the application itself.
Databases serve as critical backend systems, facilitating the
storage, management, updating, and analysis of data across
various applications, ranging from small-scale back-office
systems to large-scale mobile and consumer web
applications with global reach. To construct an application
enabling users to monitor their digital asset balances across
multiple blockchains, it's imperative to host a web
application that is publicly accessible and capable of
accommodating users connecting their digital asset wallets
to the application. Figure 4 depicts the architecture
diagram, showcasing the core AWS services and
components constituting the digital asset portfolio tracker
sample application.

Fig 2: Methodology for the Project

Fig 3: Database

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Volume 9, Issue 3, March – 2024 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165 https://doi.org/10.38124/ijisrt/IJISRT24MAR2082

VIII. RESULT

Fig 6: Portfolio Balance of the Logged-in User

Fig 4: Welcome Page

Fig 5: After Login Fig 7: Market Value

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ISSN No:-2456-2165 https://doi.org/10.38124/ijisrt/IJISRT24MAR2082

IX. FUTURE SCOPE

In the future we will implement an android application

that will provide the users to access trading features of the
cryptocurrency that has been added. Security of the app will
also be checked and more security will be provided.
Furthermore, the user interface will also be improved so if
there exists any complication that will be solved. Latest
conversion rates that calculate transaction fees based on
ever-changing conversion rates. A payment gateway
integrated for users to buy or sell the assets efficiently.

In the current landscape, cryptocurrency exchange

platforms emerge as prime hubs for initiating
cryptocurrency trading, offering a rich resource for
cryptocurrency enthusiasts and traders. These platforms
provide the convenience of trading various cryptocurrencies
within a single interface and have the capability to integrate
numerous cryptocurrencies seamlessly.

While the crypto-world boasts millions of crypto

coins, around 700+ are actively traded globally. Among
these, prominent options like Bitcoin, Ethereum, Litecoin,
NEM, and others present lucrative investment prospects.
For traders, especially early adopters and supporters of
Bitcoin, venturing into the cryptocurrency exchange
platform realm can serve as a promising startup
opportunity, facilitating access to a diverse range of
investment options and potential growth avenues.

Fig 8: Rankings X. CONCLUSION

It is anticipated that the utilization of digital wallets

for cryptocurrencies will surge, leading to a significant
decline in the reliance on physical wallets. Notably, Bitcoin
and Ethereum, the frontrunners in the crypto sphere, are
achieving unprecedented profit records, gradually
cementing their status as legitimate currencies. Research
findings suggest that these wallets not only offer robust
security but also entail minimal additional costs compared
to traditional physical currency transactions.

Transactions conducted via cryptocurrencies incur

minimal expenses due to the direct interaction between the
two executing nodes, bypassing the need for intermediary
involvement. The only associated cost pertains to the
payment to the network facilitating the transaction, such as
the Bitcoin network. While transaction fees vary based on
the transaction speed, they are substantially lower than
those in conventional payment systems.

Furthermore, it's evident that each exchange platform

Fig 9: Profile of Logged-in User
presents distinct advantages and disadvantages. Some
prioritize user-friendliness, while others emphasize
advanced trading features. Presently, there's a burgeoning
interest in commencing cryptocurrency businesses, driven
by the allure and profitability of crypto coins. Individuals
are increasingly drawn to cryptocurrency trading and
exchange platforms, recognizing the potential for lucrative
returns. Forecasts indicate that the cryptocurrency trading
and exchange marketplace could outpace the growth

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ISSN No:-2456-2165 https://doi.org/10.38124/ijisrt/IJISRT24MAR2082

witnessed in 2018, with the trading volumes of major

cryptocurrencies poised for exponential expansion in the
future.

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